oil

Stories 221 - 240 | << Prev   Next >>

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

(Newser) - The dollar declined against most major currencies and fell to its lowest level ever against the euro today as markets anticipated another rate cut from the Fed when it meets March 18, increasing the value of assets outside the US, Bloomberg reports. The dollar’s erosion pushed commodity prices up,...

Exxon Valdez Oil Spill Case Bound for Supreme Court

Exxon has paid $3.5 billion over years, but claimants want 'closure'

(Newser) - Almost two decades after the Exxon Valdez spilled 11 million gallons of oil off the Alaskan coast, legal clashes continue—and will reach the Supreme Court this week, the Washington Post reports. At issue is whether Exxon's $3.5 billion payout is enough or should increase to $5 billion, as...

$100 Oil Fuels Recession Fears
$100 Oil Fuels Recession Fears
Feb 21, 2008 12:47 PM CST

$100 Oil Fuels Recession Fears

Speculation is driving oil up, and that's a concern for consumers, economists

(Newser) - Oil prices have jumped 16% in two weeks, and analysts tell the Christian Science Monitor the run-up couldn't come at a worse time. As the US economy flirts with recession, beleaguered consumers could end up spending their economic stimulus checks to cover even higher gas prices. The $101.32 per...

$100 Oil Extinguishes Rally
$100 Oil Extinguishes Rally
MARKETS
Feb 19, 2008 4:11 PM CST

$100 Oil Extinguishes Rally

After three-digit gain, the Dow ends down

(Newser) - After three-digit Dow gains, today's record surge in oil prices knocked out a broad rally, and the major indexes closed in the red. Analysts say the market won't be able to sustain a prolonged rally for some time. "The rallies we're seeing now are just bounces, not a new...

Soaring Prices Lure Oilmen Back to Oil City

Rural Pa. sees rush to claim scraps from played-out fields

(Newser) - The world’s first commercial oil well was in Oil City, Pa., which saw its fortunes fall along with the crude supply. Now that prices are at historic highs, Oil City is part of a renaissance. The easy crude is long gone, but a motley assortment of would-be barons is...

Want Oil? Try Saturn's Titan
Want Oil? Try Saturn's Titan
Feb 14, 2008 5:09 PM CST

Want Oil? Try Saturn's Titan

Moon has hundreds of times more oil and natural gas than Earth

(Newser) - Titan, one of Saturn's dozens of moons, has supplies of natural gas and liquid hydrocarbons hundreds of times greater than Earth’s oil reserves, Space.com reports. The unmanned Cassini spacecraft has mapped only 20% of Titan’s surface with radar, and has already discovered dozens of bodies of hydrocarbon...

Brazil Oil Data Stolen From State Company

Information said to concern huge new offshore fields

(Newser) - Petrobras, Brazil’s state-owned oil company, today announced that important information had gone missing, and one Brazilian site says the data concerns two large, important new gas and oil finds, the Associated Press reports. The new fields are so large, Terra reports, that they could earn Brazil a seat with...

Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

(Newser) - Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an...

US Drilling Deals Spark New Fears for Polar Bears

Oils companies to explore frozen seas

(Newser) - The US government has announced $2.7 billion in winning bids for oil drilling rights in 2.8 million acres of Alaska's frozen Chukchi Sea, despite angry objections of lawmakers and environmentalists. The bids include a record $105 million offer from Shell for a single 9-square-mile tract. Environmental groups say...

OPEC Holds Oil Production Steady
OPEC Holds
Oil Production Steady
Feb 1, 2008 1:00 PM CST

OPEC Holds Oil Production Steady

As expected, consortium rebuffs US call to boost supply

(Newser) - OPEC dashed American hopes for a boost in oil production today, Bloomberg reports. The US and other Western nations wanted more oil on the market to lower prices, but OPEC decided to hold production steady. The consortium, which supplies 40% of the world's oil, is worried that the flagging world...

Exxon Posts Historic Profits
Exxon Posts Historic Profits
Feb 1, 2008 8:00 AM CST

Exxon Posts Historic Profits

No US company has ever made more money, quarterly or annually

(Newser) - Exxon Mobil today reported the biggest quarterly and annual profit in US history, the Wall Street Journal reports, as record oil prices propelled net income up 14%, to $11.66 billion, or $2.13 per share. That topped analyst estimates, and investors rushed to the stock in pre-market trading. Annually,...

Clock's Ticking on World Oil Supply: Shell CEO

Energy demand will top supply by 2015

(Newser) - World oil demand will outpace supply in 7 years, Shell's CEO warned in an email sent to employees in advance of the World Economic Forum in Davos, Switzerland. Jeroen van der Veer sees nuclear power, oil sands, and other unconventional energy sources replacing oil and gas out of necessity, whether...

An Oil Giant, Alaska Faces Gas Crisis

Poor infrastructure, focus on oil exploration behind costly supply issues

(Newser) - Alaska—home of America's largest energy reserves—is facing a major energy crunch. The problem is a lack of infrastructure to get natural gas where it needs to be, the Christian Science Monitor reports. "It's the goofiest thing in the world, to be sitting on top of some of...

Brits Debate Eco-Wisdom of Biofuels
Brits Debate Eco-Wisdom
of Biofuels
Jan 20, 2008 11:03 AM CST

Brits Debate Eco-Wisdom of Biofuels

Oil substitute may destroy rainforests, increase food prices

(Newser) - Biofuels may actually exacerbate the environmental problems they were meant to allay, reports the Observer, and a UK Parliamentary committee has released a report examining the possible effects. Using fuel made from crops like tallow and rapeseed may actually worsen greenhouse gas emissions, kill rainforests, and drive up food prices...

There's Plenty of Oil Left: Study
There's Plenty of Oil Left: Study
Jan 17, 2008 9:37 AM CST

There's Plenty of Oil Left: Study

Researchers say new discoveries more than offset worked-out fields

(Newser) - New oilfields being brought online more than offset losses from depleted fields, says an optimistic report released today. Though it cited an Iran-sized 4.5% annual loss, key oil industry adviser CERA contends “there is no impending short-term peak in global oil production," reports the Wall Street Journal....

Stocks Teeter on Oil News
Stocks Teeter on Oil News
MARKETS
Jan 16, 2008 3:42 PM CST

Stocks Teeter on Oil News

Some wonder if Fed might offer rate cut before month's end

(Newser) - Stocks ended slightly down today partly in response to falling oil prices, which could provide a possible jump-start for consumer spending, the Wall Street Journal reports. "Considering that oil was near $100 not too long ago, this is a big move," one trader said. The Dow ended down...

Bush Begs Saudi King for Oil
Bush Begs Saudi King for Oil
Jan 16, 2008 2:31 PM CST

Bush Begs Saudi King for Oil

Public plea rejected, Bush entreats Abdullah personally

(Newser) - After his public request for increased oil production and the resulting price drop was rejected yesterday, President Bush made a personal appeal to Saudi Arabia's King Abdullah to be more generous with his wells, ABC News reports. Only an hour after Bush’s public plea, the Saudi oil minister announced...

Bush Asks OPEC for More Oil
Bush Asks OPEC for More Oil
Jan 15, 2008 9:32 AM CST

Bush Asks OPEC for More Oil

Warns even rogue Iranian attack would have 'serious consequences'

(Newser) - OPEC should start producing more oil, President Bush told Saudi Arabia’s King Abdullah today, or it risks damaging “consuming economies,” like the US. Bush said high oil prices were reducing consumer purchasing power, and said more supply “would be helpful.” He also warned Iran to...

US Slump, Oil Trouble Could Rock World: Report

Key factors threaten in coming months

(Newser) - The world economy may be in for some shocks this year because of a potential US recession, record-setting oil prices and food shortages, warns a report by the World Economic Forum. Worries about terrorism, disease, and natural disasters have taken a back seat to world business leaders' concerns about an...

$200 Oil on Horizon: Economists
$200 Oil on Horizon: Economists
Jan 3, 2008 3:13 PM CST

$200 Oil on Horizon: Economists

Decreasing supply will mean increasing prices

(Newser) - The price of oil could surge to $150 in five years and $200 in 10 years, a prominent German economic institute reports. "Oil supplies are becoming increasingly scarce and that will continue to drive up prices," said one energy expert. Oil prices hit $100 yesterday for the first...

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